Action Alert: Support Debt Relief for Nepal!

Action Alert: Support Debt Relief for Nepal!

• Presbyterian Office of Public Witness
• 
  
• Today at 12:46 PM

To

• Patty Sanders

Action Alert: Support Debt Relief for Nepal! Over the course of three weeks, two major earthquakes struck Nepal, taking over 8,000 lives and injuring countless others. Nepal is one of the most impoverished countries in the world today. Over 30 percent of Nepalese live on less than 14 US dollars per person, per month[1], and recent events have left many more vulnerable to the devastating effects of poverty. Nepal is desperately in need of a recovery plan that will provide adequate shelter, food, water and healthcare for its citizens. Each day, however, the Nepalese government is responsible for paying nearly $600,000 in debt payments. More than ever, Nepal needs the ability to free up  funds for the rebuilding and restoration of communities across the country. Sign a petition and tell the World Bank and the International Monetary Fund (IMF) to cancel Nepal's debt. In partnership with Jubilee (USA) and other faith-based organizations, the Office of Public Witness is calling on the IMF to use resources from Catastrophe Containment and Relief Trust to cancel debt Nepal owes over the next two years. Additionally,  we are calling on the World Bank to cancel Nepal's debt. Together, we can be advocates our neighbors around the world who need a assistance.   The 208th Presbyterian General Assembly adopted the following principle around debt relief: The repayment of debts and interest at the expense of the basics of life raises serious questions of justice. The burden of debts must be shared equitably in ways that reduce poverty, protect the environment, and avoid perverse incentives in the future (Minutes, 1996, p. 539).    The Assembly went on to specify policy options: The terms of debt relief need to be examined through an ethical lens to determine legitimate and illegitimate conditions, and to provide international protection against political and economic exploitations of indebtedness by creditor nations and financial institutions.  ...Debt service should be limited to a reasonable percentage of national budgets or national production...In some cases, payments should be reduced and rescheduled over a longer time span, depending on the consequences for the poor and the economic potential of the nation... In other cases, lenders should give debt relief in whole or in part – particularly for the poorest countries...Debt cancellation can be accompanied by conditions that clearly promote human development: reduction of military expenditures, enhanced expenditures for basic human needs, reduction of income disparities, respect for human rights, an equitable system of taxation, and sustainable environmental practices (Minutes, 1996, p. 540).   Our faith calls us to care for those in need - and our Nepalese brothers and sisters are worthy of this charge. Act today, and urge the World Bank and IMF to cancel Nepal's debt. For more information on how you can further support Nepal, visit the Presbyterian Disaster Assistance webpage here.  [1] http://www.ruralpovertyportal.org/country/home/tags/nepal
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